Market Research Future (MRFR) anticipates the dimethylformamide market to capture a decent CAGR of 15% between 2020 and 2027 (evaluation period).
Top Boosters and Impediments
Dimethylformamide or DMF market should maintain strong growth during the analysis period, by virtue of the rampant demand across an array of end-use industries like chemical, agrochemical, electronics, and pharmaceutical. The pharmaceutical industry uses DMF as a crystallization and reaction solvent since it possesses impressive solvency features. The pharmaceutical sector in Asia Pacific is witnessing robust growth as major companies are investing considerably on their R&D units to come up with advanced solutions. These efforts are bound to create favorable avenues for the dimethylformamide market in the years ahead.
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Another major end-user in the global market is the agrochemical industry, where DMF is utilized as a solvent in the production of pesticides. The surging demand for pesticides worldwide to foster the agriculture yield should leave a significant impact on the dimethylformamide industry over the ensuing years. Additionally, in view of the impressive solubility of inorganic and organic residuals, Dimethylformamide acts as a cleaner for hot-dip tinned components within the chemical sector. The product use has been growing extensive in the electronics industry as well, again due to its significant solvency property. The considerable expansion of the electronics sector around the world, especially in Asia Pacific and North America will favor the dimethylformamide industry in subsequent years.
On the downside, strict government policies accompanied by the stunted economic growth in a few nations can curb the market growth to come extent. Apart from this, pressure from several regulatory bodies like Registration, Evaluation, Authorization, and Restriction of Chemicals (REACH) that discourage the use of Dimethylformamide can restrain the market growth as well. With that said, the global market shall benefit from the escalating product use in wire enamels & epoxy laminated coatings, pesticides, and manufacturing drugs, to name a few.